Boeing Co (BA.N) shares slipped 1.3 per cent yesterday after a pair of downgrades from highly ranked analysts, including one who cut the stock outlook to “underperform.”

The underperform rating by The Buckingham Research Group, a New York-based broker-dealer, marked the first such rating for Boeing’s stock since 2009, according to data by Thomson Reuters.

In 2009, Boeing was suffering from delays in bringing its 787 Dreamliner to market.

Buckingham also cut its price target for Boeing shares to $101, well below the current price of over $125.

The shares were down 1.3 per cent in morning trading on the New York Stock Exchange.

Analyst Richard Safran, ranked third among 23 Boeing analysts for estimate accuracy and recommendation performance, wasn’t immediately available for comment.

In February, he cut his Boeing price target to $132 from $142, saying investor expectations were “being set too high.”

Boeing shares rallied 80 per cent in 2013, but have fallen about eight per cent this year as investors reassessed the large order book and rising output of Boeing and rival Airbus Group NV (AIR.PA), with many concluding that most of the good news was already priced into the stock.

Boeing’s share price received a downgrade yesterday from RBC Capital Markets, which cut its target price for the stock to $134 from $145. RBC also cut the price target for Airbus to €51 from €59.

Investor sentiment towards Airbus and Boeing “is likely to remain muted, as there is concern over the visual headwind of declining orders, and increased cancellations, despite the record backlogs,” RBC analyst Robert Stallard wrote in a note that included upgrades to several suppliers and defence companies, including Spirit Aerosystems Holdings Inc (SPR.N), Lockheed Martin Corp (LMT.N) and Northrop Grumman Corp (NOC.N).

The target price for Boeing has dipped to $152.86 among analyst tracked by Thomson Reuters, down from $154.14 a month ago.

But not all investors were deterred by the downgrades yesterday. Most analysts continue to rate Boeing stock a “buy” or “strong buy” though the sentiment has been shifting.

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